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Oct. 25, 2021, 6:27 a.m. EDT

Otis beats profit and sales expectations, raised full-year outlook

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By Tomi Kilgore

Otis Worldwide Corp. /zigman2/quotes/217080227/composite OTIS -0.06% reported Monday third-quarter profit and sales that rose above expectations, with sales growth exceeding the rise in expenses, and raised its full-year outlook. The elevator and escalator maker said net income increased to $331 million, or 77 cents, from $266 million, or 61 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share grew to 77 cents from 69 cents, beating the FactSet consensus of 73 cents. Sales rose 10.8% to $3.62 billion, above the FactSet consensus of $3.55 billion, as costs and expenses increased 9.7% to $3.08 billion. Among business segments, new equipment sales rose 18.1% to $1.68 billion, above the FactSet consensus of $1.57 billion, while service revenue grew 5.1% to $1.94 billion, just shy of expectations of $1.98 billion. For 2021, the company raised its adjusted EPS guidance to ~$2.95 from $2.89 to $2.93 and listed its sales outlook to ~$14.3 billion from $14.1 billion to $14.2 billion. The stock, which was still inactive in premarket trading, has lost 3.3% over the past three months while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.84% has gained 3.0%.

/zigman2/quotes/217080227/composite
US : U.S.: NYSE
$ 82.80
-0.05 -0.06%
Volume: 2.24M
Dec. 3, 2021 4:00p
P/E Ratio
29.47
Dividend Yield
1.16%
Market Cap
$35.17 billion
Rev. per Employee
$184,870
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/zigman2/quotes/210599714/realtime
US : S&P US
4,538.43
-38.67 -0.84%
Volume: 2.71B
Dec. 3, 2021 5:35p
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